NCERT Book Class 12 Business Studies Chapter 1 Nature and Significance of Management

NATURE AND SIGNIFICANCE
OF MANAGEMENT

Management at Tata Steel
Founded in 1868, by Jamsetji Nusserwanji ,Tata the Tata Group
1
CHAPTER
L E A R N I N G
is a global business conglomerate operating in over 100 countries OBJECTIVES
across 5 continents. His strong sense of values and spirit of
innovation and entrepreneurship are a legacy that continues to After studying this
guide Tata companies till date. He had four goals in life: setting chapter, you should
up an iron and steel company, a world-class learning institution, a be able to:
unique hotel and a hydro-electric plant. Only the hotel became a
reality during his lifetime, with the inauguration of the Taj Mahal n Describe the
Hotel at Colaba waterfront in Mumbai on 3 December 1903 at characteristics of
the cost of 11 million (worth 11 billion in 2015 prices). At that
time it was the only hotel in India to have electricity.
management and
He believed that satisfied workers create satisfied workers and its importance in
in lieu to this principle he paid all his workers gratuity, provident an organisation;
fund well before it was made mandatory. His management
skills were clearly evident when minute details were chalked in n Explain the nature
planning and building the entire city of Jamshedpur. The values of management
and principles that have governed the business for a century are as an art, science
enshrined in the Tata Code of Conduct (TCOC).
From an early foray into steel and automobiles, to staying and profession;
abreast of the latest technologies, the Tata Group today has n Explain the
29 publicly-listed Tata enterprises, which include Tata Steel,
Tata Motors, Tata Consultancy Services, Tata Power, Tata functions of
Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata management; and
Communications and Indian Hotels. The group has a combined
market capitalisation of around $103.51bn (2016-17). n Appreciate
Tata has a strong sense of social responsibility. They balance the nature and
economic prosperity, environmental responsibility and social importance of
benefits for the community. In India, they are a partner in progress
with Odisha, and believe in taking its stakeholders forward in
coordination.
its journey of growth. Tata Steel Thailand is one of the first 30
companies that joined UNICEF in Child Friendly Business in
“The Children Sustainability Forum” to make a commitment
in protecting children’s rights. Tata Steel Europe’s Community
Partnership Programme- ‘Future Generations’, with sub-themes
of education, environment, health and Well-being works across